New Zealand, South Korea announce new sanctions on Russia | Russia-Ukraine war News

The moves are the latest to punish Russia for its invasion of Ukraine.

On Monday, the New Zealand government said it would enact legislation that would allow it to impose its first sanctions on Russia after its invasion of Ukraine.

Prime Minister Jacinda Ardern said the sanctions would give the country the ability to freeze Russian assets in New Zealand, preventing people and companies from repatriating their money and assets to escape the sanctions. fines imposed by other countries, and block superyachts, ships and planes. enter New Zealand waters or airspace.

Ardern also released a list of 100 individuals banned from entering New Zealand.

New Zealand was previously only able to implement sanctions when imposed by the United Nations Security Council. The Security Council will not be able to impose sanctions against Russia because Russia has the power to veto them.

Ardern said the government was forced to enact the new law because of limitations in the current multilateral system.

“Ultimately, if we had a better functioning security council, we wouldn’t have faced this problem in the first place,” Ardern said.

Meanwhile, South Korea has decided to cut off transactions with Russia’s central bank and fix any assets it holds in won, in the country’s latest move to join the effort. Western powers to strengthen sanctions against Moscow.

South Korea’s finance ministry will release more details, including the scope of the sanctions “will be consistent with US financial sanctions”, late Monday, an official from South Korea’s Ministry of Finance said. The Ministry of Finance of this country said.

The move comes after Seoul previously announced it would ban the export of strategic items, block some Russian banks from the SWIFT international payment system and increase aid to Ukraine.

Restricted items will include electronics, semiconductors, computers, information and communications, sensors and lasers, navigation and avionics, and marine and aeronautical equipment.

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